Gold Gains Over 1% on Rate Hike
Gold prices rose by more than 1% today, Thursday, after investors absorbed the decision to raise U.S. interest rates and hints of further monetary tightening. Meanwhile, oil prices declined, which could support an increase in gold prices over the medium term. The spot price of gold reached $4,310.49 per ounce, while U.S. futures fell to $4,348.70, according to Reuters. The interest rate hikes aim to combat inflation, but they tend to reduce gold's appeal as an inflation hedge, while fluctuations in oil prices also influence movements in gold.
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